Iraq’s new banknotes have officially replaced the old currency, following a three-month exchange period, which ends today.

More than 10,000 tons of redundant notes bearing the image of former leader Saddam Hussein, are now to be destroyed, stated a Coalition Provisional Authority (CPA) press release.

Since October 15, 2003, the start of the Iraqi Currency Exchange (ICE), the new dinar’s worth has risen by 25 percent. Expert planning and organization of the exchange program – a complex logistical operation – meant that new currency was printed and being distributed to banks around Iraq less than six months post-conflict.

Thousands of bank tellers in 250 branches around the country have worked overtime to effect the currency swap. Around 700 staff at the Central Bank of Iraq are involved with managing the programme or checking or destroying old currency.

The Development Fund for Iraq (DFI) will meet the estimated $200 million total cost of the exchange. Printing the hard-to-counterfeit notes with their many sophisticated security features cost around $130 million. — (menareport.com)